Macro Roundup (Jul 9)

SHANGHAI, Jul 9 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

The US dollar edged lower on Wednesday as investors weighed hopes for a quick economic recovery against concerns about a resurgence in the coronavirus pandemic, particularly in the US.

LME base metals climbed across the board overnight while the SHFE nonferrous metals extended increase for the most part. Zinc led the gains with SHFE zinc rising 3.03% and its LME counterpart adding 3%. LME copper grew 0.69%, aluminium added 1.83%, nickel advanced 0.6%, tin climbed 0.71% and lead went up 0.25%. 

SHFE copper increased 1.05%, aluminium rose 0.78%, lead edged up 0.54%, while nickel slipped 0.23% and tin eased 0.03%. Rebar continued its rally and gained 1.47% with stainless steel rising 0.41%. 

Crude oil futures gained on Wednesday, with prices climbing to their highest finish since March. A rise in US crude imports and a weekly decline in gasoline supplies suggested that energy demand was improving, even as US crude inventories posted a surprise climb.

The Energy Information Administration (EIA) reported Wednesday that US crude inventories rose by 5.7 million barrels for the week ended July 3, compared with a forecast of a decline of 3.19 million barrels. 

The increase followed a fall of 7.2 million barrels in the previous week. The American Petroleum Institute (API) on Tuesday reported an increase of about 2 million barrels.

Key economic data slated for release today include China’s consumer price index (CPI) for June, it's social financing for June, Germany’s trade balance for May, the US weekly unemployment claims and its wholesale inventories for May.